Axis Bank has completed the acquisition of Citibank India’s consumer banking business effective March 01, 2023. As the bank undertakes the integration over the next 18 months, this period could mean a series of changes and transition for Citibank India’s customers as they become customers of Axis Bank. businessline takes a look at the impact of some of these changes on Citibank’s retail customers.


Will Citi credit card customers continue to pay dues to their Citi accounts or have to change to an Axis account, including for NEFT and recurring payments?

There are no changes as of now. Citibank customers will continue to follow the existing process, and can continue using their Citi accounts without any changes in account number, IFSC / MICR codes, Citibank Debit Card, cheque book, Fees and Charges. Existing NRI Deposits (NRE/NRO/FCNR) will also continue at the rates offered by the Citi. .


Will Citi customers have free access to both Axis and Citibank ATMs? Can they use the services of both?

All erstwhile Citi ATMs in India are now Axis ATMs. Erstwhile Citibank customers who have consented to transition, can access any of Axis Bank’s ATMs. This service is not applicable to overseas Citi ATMs. However, customers will be able to use their existing Citibank Debit Cards to withdraw cash at any of the ATMs outside India, subject to levy of applicable charges.


Will Axis be shutting any Citi branches? How do Citi customers know where they can go for banking services?

No Citibank branches are being shut. Even out-of-perimeter branches will continue to serve the customers. While the branch timings will change, the locations of the branches and ATMs will remain the same. At present, the customers will continue to be served by existing Citibank branches. Post a specified date, Citibank branches and ATMs will be re-branded as Axis Bank branches and ATMs.


Will there be any changes in benefits and features offered by the existing Citibank Debit Cards?

As of now, there are no such changes to the existing card users. Customers can use their Citibank Debit Cards to avail all the offers listed on Citibank Online. Any cards pending renewal will be replaced automatically with a renewed Citibank Debit Card issued by Axis Bank, on expiry. Any change will be notified with prior notice.


Are there any changes in fees/interest on customers’ cards/dues/loans/EMIs?

At present, there are no such changes in interest rate applicable on any loan/merchant EMI due to integration. In case of any such revisions, changes will be communicated to the customers in advance. Any renewed/ replaced Credit Cards will also continue as a Citi branded Card till notified otherwise.


Do customers need to make any new/separate arrangement for standing instructions and recurring merchant payments?

As customers have given consent to transfer their Citi relationships, there is no need to make any alternate arrangements. If customers are issued a replacement/new card or there is a change to their card number, they will be required to re-initiate recurring merchant payments or any other standing instructions on the card. Customers can continue making payments through existing modes.